Hi All,
Here is the deal. My chapter 7 discharge went through in October 2007. I did not reaffirm my car loan, but have been making regular payments. I've continued to make the same payments, including interest from the original loan which was at 5.99%. My car is a Mazdaspeed gas guzzler. I have given thought to stopping the payments, letting them repossess and then buying a honda fit or some other gas sipper. I know the interest would be much higher. I'm wondering approximately how many payments does one have to be behind before the car company starts repo proceedings. Also, do they just come in the middle of the night and snatch it with no notice.
This whole thing is a world I know nothing about. Also, is this a good idea to begin with ? The car payments have already been dismissed in the chapter 11. And finally, are there any other alternatives ?
Here is the deal. My chapter 7 discharge went through in October 2007. I did not reaffirm my car loan, but have been making regular payments. I've continued to make the same payments, including interest from the original loan which was at 5.99%. My car is a Mazdaspeed gas guzzler. I have given thought to stopping the payments, letting them repossess and then buying a honda fit or some other gas sipper. I know the interest would be much higher. I'm wondering approximately how many payments does one have to be behind before the car company starts repo proceedings. Also, do they just come in the middle of the night and snatch it with no notice.
This whole thing is a world I know nothing about. Also, is this a good idea to begin with ? The car payments have already been dismissed in the chapter 11. And finally, are there any other alternatives ?
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